StockMarketWire.com - Medical diagnostics group Omega downgraded its annual financial guidance and said it was attempting to sell loss-making businesses in Germany and India without much success.

The company said it expected to post a pre-tax loss of around £0.7m, not including the impact of asset writedowns.

Revenue was expected to fall 6% to £13.6m.

'This is reflective of pressures on gross margin and continuing headwinds in our core business, as outlined in our interim statement,' Omega said.

The company wrote down the value of the German and Indian assets to the tune of £5.7m combined. It also restructured its UK business to merge four divisions into one.

'The board is exploring whether the two loss making operations can be sold,' the company said.

'Discussions to date do not indicate that a material sum can be realised, but the board will continue to consider any potential offers for the German Allergy Business and the manufacturing site in India.'






At 8:04am: [LON:ODX] Omega Diagnostics Group PLC share price was -3.25p at 11.25p



Story provided by StockMarketWire.com